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The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
The rapid growth and development of emerging economies offer both opportunities and threats for international businesses. Understanding the economic development of emerging markets, combined with a knowledge of the increasingly complex international business market, enables better exploitation of opportunities in increasingly competitive world markets. The BRIC countries, the most prominent emerging markets, have long been discovered by foreign firms due to their enormous potential for investment opportunities. This book offers a comprehensive look at emerging markets, especially as they integrate with the global economy. It offers a conceptual framework to analyze emerging markets from multiple perspectives, including those of indigenous entrepreneurs struggling to overcome constraints to build world-class businesses, multinationals from developed countries tapping into emerging markets for their next growth spurt, and domestic and foreign investors seeking to profit from investment opportunities in emerging markets.
Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.
This book discusses calendar or seasonal anomalies in worldwide equity markets as well as arbitrage and risk arbitrage. A complete update of US anomalies such as the January turn-of-the year, turn-of-the-month, January barometer, sell in May and go away, holidays, days of the week, options expiry and other effects is given concentrating on the futures markets where these anomalies can be easily applied. Other effects that lend themselves to modified buy and hold cash strategies include the presidential election and factor models based on fundamental anomalies. The ideas have been used successfully by the author in personal and managed accounts and hedge funds.
A definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Updated in its 3rd edition, Basic Methods of Policy Analysis and Planning presents quickly applied methods for analyzing and resolving planning and policy issues at state, regional, and urban levels. Divided into two parts, Methods which presents quick methods in nine chapters and is organized around the steps in the policy analysis process, and Cases which presents seven policy cases, ranging in degree of complexity, the text provides readers with the resources they need for effective policy planning and analysis. Quantitative and qualitative methods are systematically combined to address policy dilemmas and urban planning problems. Readers and analysts utilizing this text gain comprehensive skills and background needed to impact public policy.
This first report deals with some of the major development issues confronting the developing countries and explores the relationship of the major trends in the international economy to them. It is designed to help clarify some of the linkages between the international economy and domestic strategies in the developing countries against the background of growing interdependence and increasing complexity in the world economy. It assesses the prospects for progress in accelerating growth and alleviating poverty, and identifies some of the major policy issues which will affect these prospects.
Many countries around the world are engaged in decentralization processes, and most African countries face serious problems with forest governance, from benefits sharing to illegality and sustainable forest management. This book summarizes experiences to date on the extent and nature of decentralization and its outcomes - most of which suggest an underperformance of governance reforms - and explores the viability of different governance instruments in the context of weak governance and expanding commercial pressures over forests. Findings are grouped into two thematic areas: decentralization, livelihoods and sustainable forest management; and international trade, finance and forest sector governance reforms. The authors examine diverse forces shaping the forest sector, including the theory and practice of decentralization, usurpation of authority, corruption and illegality, inequitable patterns of benefits capture and expansion of international trade in timber and carbon credits, and discuss related outcomes on livelihoods, forest condition and equity. The book builds on earlier volumes exploring different dimensions of decentralization and perspectives from other world regions, and distills dimensions of forest governance that are both unique to Africa and representative of broader global patterns. The authors ground their analysis in relevant theory while drawing out implications of their findings for policy and practice.
Beni-Amer cattle owners in the western part of the Horn of Africa are not only masters in cattle breeding, they are also knowledge sovereign, in terms of owning productive genes of cattle and the cognitive knowledge base crucial to sustainable development. The strong bonds between the Beni-Amer, their animals, and their environment constitute the basis of their ways of knowing, and much of their knowledge system is built on experience and embedded in their cultural practices. In this book, the first to study Beni-Amer practices, Zeremariam Fre argues for the importance of their knowledge, challenging the preconceptions that regard it as untrustworthy when compared to scientific knowledge from more developed regions. Empirical evidence suggests that there is much one could learn from the other, since elements of pastoralist technology, such as those related to animal production and husbandry, make a direct contribution to our knowledge of livestock production. It is this potential for hybridisation, as well as the resilience of the herders, at the core of the indigenous knowledge system. Fre also argues that indigenous knowledge can be viewed as a stand-alone science, and that a community’s rights over ownership should be defended by government officials, development planners and policy makers, making the case for a celebration of the knowledge sovereignty of pastoralist communities Praise for Knowledge Sovereignty Among African Cattle Herders ‘This book greatly contributes to the limited literature on theoretical discourses and practices on indigenous knowledge of livestock herding communities in the Horn of Africa. It discusses knowledge heritage and sovereignty through the presentation of valid empirical evidence, and its subsequent relevance in nurturing sustainability of knowledge systems to enhance lives of pastoralists in Africa and beyond.’ Samuel Tefera PhD, Assistant Professor and Asian Desk Coordinator at the Centre for African and Oriental Studies, Associate Dean for Research and Technology Transfer, College of Social Sciences, Addis Ababa University ‘The author has worked with our Beni-Amer pastoral communities in Eastern Sudan and Western Eritrea for over 30 years and this book is the first of its kind in documenting our practices, knowledge systems, heritage and way of life.’ Mustafa Faid and Mohamed Ali, Leaders of the of the Pastoral and Environmental Association Kassala State (PEAKS) ‘A riveting and rare book! Zeremarian Fre guides you along the sandy [dusty] tracks and grassy pastures that the Beni-Amer and their herds have been softly tracing over time all through the Horn of Africa. One of the virtues of the book is that it illustrates vividly and in clear language how their continuous self-built endogenous knowledge on agro-pastoral life is not only at the core of their survival and the survival of their herds, but more importantly a powerful weapon in facing and resisting multiple aggressions . . . Ground-breaking and a huge achievement.’ Yves Cabannes, Emeritus Professor of Development Planning,, The Bartlett Development Planning Unit, UCL ‘The book underlines the importance of enriching and utilizing the unrecognized, yet valuable scientific knowledge and practices that are deeply rooted in pastoral traditional expertise about their own environment and breeding practices. It is an important publication that reflects Dr Fre’s expertise and long term research in the region and thus, it is a significant addition to the African library.’ Hala Alkarib, Director of the Strategic Initiative for Women in the Horn of Africa (SIHA) ‘This fascinating book not only gives a unique insight into the knowledge and practice of pastoralists in the Horn of Africa from the author’s first-hand experience, it also provides an incisive critique of the multiple dimensions of knowledge, paying tribute to the sovereignty of indigenous knowledge. It has a timely relevance for global sustainability that will appeal to a wider readership.’ Nicole Kenton, International Development Consultant, former long serving senior staff member of the International Institute for Environment and Development (IIED) ‘The book covers several intertwined issues relevant to contemporary development policy and practice. It goes beyond the rural-urban and peasant–nomadic livelihoods dichotomy by shedding more light on the inter-linkages within the multiple livelihood systems within the Horn of Africa and globally. A rich evidence-based resource for academics, development partners and social movements for promoting and designing state policies that embrace pastoralist aspirations.’ Bereket Tsegay MA, PhD candidate, Pastoral and Environmental Network in the Horn of Africa (PENHA) ‘Dr Zeremariam Fre has done a wonderful job of placing at the centre of this book the Beni-Amer pastoralists, the world they inhabit and the knowledge they use to navigate and thrive in it. The lessons contained in this book go beyond pastoralism; it is a must read for anyone serious about understanding the importance of located knowledge in the innovation and development process.’ Yusuf Dirie, PENHA Research Fellow and PhD researcher at the University of Sussex